J Sagar Associates successfully represented power companies through the Association of Power Producers before the Supreme Court in its case against the RBI 12 February circular which recognised one-day defaults by large corporates and prescribed insolvency actions as a remedy. This ruling resulted in the cease of all consequential proceedings including proceedings initiated under section 7 of the Insolvency and Bankruptcy Code (IBC), providing much needed relief to power companies including Rattan India, GMR, GVK, ILFS and Coastal Energen.
The case was led by joint managing partner Amit Kapur and partner Vishrov Mukerjee.